The Joys of Credit Derivative Humor
Seller: … have I got the product for you. It’s called a reverse sub-micro-standard mortgage shadow security and — do you hold a degree in rocket science?
Seller: Hmm. Well then, simply put, what we do is take semi-insured debts that’ve been sold to us from inelastic bubble markets, vertically resell, then unbundle the revenues according to Moody’s astro-logarithm.
Buyer: Astro …
Seller: Astro-logarithm, which gives a monetized valuation that has itself been subdivided into A-3 and G-minus pumpkin patch. You following?
Buyer: Not at all!
Seller: Great; me neither, really! This thing was invented by some eggheads we keep in a cave.
And so on. How can you not love a financial crisis that produces credit derivative humor?